I am paper trading and am looking to go short gold at the .236 retrace(1338.37) to .618 retrace (1351.21). I dont rule out the upper retracement but think it will only retrace to the 1338 area before turning down.
I am thinking that since the S&P made a new high it should continue with that trend for a while. Gold should start a counter trend downward. I will be open to a change in this, in case the up trend in the S&P fails.